retailers have or are open to offering resale to their customers, according to GlobalData’s Fashion Retailer Survey, conducted last spring. To meet that shift, the industry will need to put some attention on its recapture mechanisms, such as blockchain technology that allows garments to be tracked through their life cycle and QR codes that validate their authenticity. "Retailers recognize this shift, which is why so many of them are now looking to get into resale." A mindset shift "Consumers are refreshing their closets and turning to resale as a way to sustainably discard garments and acquire new ones," says Neil Saunders, managing director at GlobalData, in the ThredUp report. And younger people seem to be driving that push: More than 40 percent of Gen Z and Millennials shopped secondhand in 2020, compared to 23 percent in 2016. The analysis noted that two in five thrifters said they were replacing fast-fashion purchases with secondhand clothing. By 2024, the secondhand market - which includes traditional thrift and newer resale models - is expected to grow to $77 billion from $36 billion in 2021 in the United States alone, according to the 2021 resale report from ThredUp. Since launching its resale-as-a-service offering in 2018, it has partnered with more than 20 retailers and apparel manufacturers, including Adidas, Madewell and Gap, to take back used items from customers - with incentives, of course - and make them available to other shoppers. That has put resale squarely in the sights of investors and consumers.Ĭonsider ThredUp.
Resale: back and better than everĪ lot has happened in the past five years to put fashion resale in a place poised for growth, and at least three companies in the space - ThredUp, Poshmark and The RealReal - have gone public since 2019. "Right now, resale is the belle of the ball," says Caroline Brown, managing director at Closed Loop Partners (CLP), a circularity-focused investment firm. It displaces the carbon that would be needed to manufacture new clothes. Three benefits of resale are often cited: It keeps garments out of landfills. More recently, resale has donned a trendier, climate-conscious persona. But thrift, in particular, had negative connotations attached to it, stigmatized as a lesser than or cheap option to find used apparel or shoes. Resale has been around for decades as vintage or thrift. When it comes to addressing the climate impacts of the fashion industry, resale sits among a suite of solutions, including rental and repair. Within the past year alone, Levi's, Gucci and The RealReal and Walmart all launched new circular fashion initiatives with extending the lifecycle of clothing at their core.Ĭopyright © 2022 All rights reserved.Adapted from the 2022 "State of Green Business," published earlier this month by GreenBiz Group. The service launches in a new market as numerous members of the fashion industry tap into consumer interest in sustainable fashion through resale. After the successful launch of the Farfetch Second Life pilot program in the European market last year, we are excited to bring this service to our consumers in the U.S.” "Like the online luxury market, the pre-owned luxury market is growing rapidly and is forecast to reach $64 billion within the next five years1. “The luxury fashion industry is increasingly aligning with sustainable fashion," said Giorgio Belloli, Farfetch chief commercial and sustainability officer.
Elsewhere, the company has also worked on its green efforts by carrying a wide range of "conscious products," launching a fashion donation service in partnership with Thrift+, and offering 'Climate Conscious Delivery,' a service that makes every consumer delivery from carbon neutral. debut, Farfetch Second Life was already launched in the UK and EU markets following a pilot in Europe in May, 2019.įarfetch Second Life comes as part of the company's 'Positively Farfetch' sustainability initiative. users can access Farfetch Second Life at /positively-farfetch/secondlife. We’re thrilled to scale this model globally and are looking forward to expanding the categories consumers can give a second life to.” "Enabling services, like Farfetch Second Life, that make it easy for consumers to do this, also offers an attractive opportunity to engage luxury consumers to shop with Farfetch. “Extending the useful life of fashion items is absolutely critical to the sustainability of the industry," said Thomas Berry, director of sustainable business.
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